Are You Owed Additional Stimulus Money?

By | Small Business Advice

The COVID-19 pandemic caused significant economic strain throughout the country, causing massive business restrictions, slowdowns, and many closures. In response, the federal government has taken complex actions to provide economic assistance, involving various new programs and multiple rounds of stimulus relief money.    Navigating business taxes is normally challenging, but this year it makes even more sense to secure professional tax and accounting assistance so that your business doesn’t miss out on the funds owed to you.   Federal Government…

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How will COVID-19 Impact My Taxes This Year?

By | Uncategorized

It’s that important time of year—tax time. The year 2020 has seen massive health problems due to the broad impacts of the COVID-19 pandemic. To counteract the spread of COVID-19, businesses were closed and patronage restricted, events canceled, people socially distanced, and schools transitioned to online classwork.   The effects on businesses included drastic reductions in revenue, layoffs, and furloughs, and remote working. Government assistance has included support programs, new regulations, and support payments of various types. Without professional assistance, tax…

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Filing Taxes—It Pays to File Early

By | Uncategorized

Filing taxes is something that individuals and small business owners may not look forward to. However, filing taxes is inescapable and certainly essential to achieving a successful and penalty-free business operation. Why it Pays to File Taxes Early Some small business owners may be inclined to put off filing taxes due to busy schedules, worries about tax rules, or concerns about cash flow. But waiting until the last minute only adds stress and other issues to a process that can…

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Is Competition Good for Business?

By | Small Business Advice

Competition always exists in a healthy business marketplace. It is the rivalry between firms who are trying to secure the attention and sales of their goods and services from the same customers who are being pursued by another firm. Competitors, often many more than two parties, seek to increase their revenue by growing sales and market share. Business leaders sometimes tire of dealing with competitors. Wouldn’t business be easier without them? As American newspaper columnist George Matthew Adams stated, “There…

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Make Your Tax Preparation List and Check it Twice

By | Accounting Advice

Tax preparation. Those two words can cause anxiety and bring fear and trepidation into the hearts of many small business owners. After all, tax preparation isn’t particularly pleasant, and every minute spent on this function is a minute diverted from income-producing and business-building activities. At the same time, accurate record-keeping and tax filing are critical functions that enable and protect the very life of a company. So, fear not. Review some important small business tax info and forms that are…

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So, What Does the Deferral Mean to My Taxes?

By | Accounting Advice

The United States, and indeed the entire world, was rocked by the COVID-19 outbreak. In response, the U.S. Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act and it was signed into law by President Donald Trump on March 27, 2020. It included one-time cash payments to individuals, increased unemployment benefits, forgivable loans for small businesses, loans for corporations, and funding for state and local governments. Additional relief was provided in the Consolidated Appropriations Act 2021, signed into law…

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Business Support Strategies Help Clear the Fog

By | Accounting Advice, Small Business Advice

Business success requires three things: vision, a strategic plan, and effective execution. Easy to say but difficult to deliver. According to author Bill Hybels, “Vision is a picture of the future that produces passion.” Strategy is defined as the plan of action developed to achieve an aim or vision. And visionary inventor Thomas A. Edison completes the triad by stating, “Vision without execution is delusion.” What is Vision and Why is it Important? Vision is simply an image or picture…

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How Can I Retire Early?

By | Uncategorized

Retirement, or the conclusion of daily work demands, is an aim for many workers. For some, it requires a lengthy wait to realize a dream while for others, retirement may come early. The Life Insurance and Market Research Association (LIMRA) indicates that 69% of Americans retire by age 66, with 11% still working at age 75, and the most common retirement age is 62. However, over 24% of currently living retirees report retiring before age 55. When dreaming of retiring…

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